A mobile payment is a method of making online payments for goods and services through a mobile phone device. This popular method of payment is fast and efficient however, the probability of error is one of the biggest concerns as mobile payments do not allow customers to keep track of payments in a clear and concise manner.
Downside of mobile payment transactions
Companies accepting mobile payments are able to appeal to a much larger client base, however it is important for companies and customers to consider the potential detrimental effects of making payments through mobile devises.
Mobile payments provide customers the ability to make payment transactions in their own convenience from their secure mobile device. However, the security and privacy of mobile payments is often as issue as mobile devices are prone to theft. In the event that an individual has stored their card details and other personal account information on their mobile device, they are subject to loosing it and being a possible victim of credit card fraud and identity theft.
Additionally, the small physical appearance of mobile devices is presented as an advantage, however when making payments it is important to read and understand the terms and conditions. These can often be difficult to read or access form mobile devices, making customers prone to making payments without reading invoices.
The high demand of smartphones, such as iPhones and BlackBerry has seen a large increase in the use of mobile payments, however customers are advised to carefully consider making payments via their mobile device before finalizing them.
In order to become a mobile payment service provider, companies are advised to seek the assistance of a professional consultancy firm in order to obtain the relevant software and licensing in a professional and timely manner.